Asia's Richest Man Denies Buying Russian Oil

Mukesh Ambani is afraid of sanctions.

Indian conglomerate Reliance Industries, owned by Asia's richest businessman Mukesh Ambani, said it does not expect Russian oil shipments in January and has not received any such cargoes for the past three weeks.

According to Reuters.

The private refining giant, which used to be the largest buyer of Russian oil not only in India but also in the world, issued an official statement refuting the Bloomberg publication. The agency, citing Kpler data, claimed that three tankers carrying Russian crude were heading to Reliance's refinery in Jamnagar.

"After the outbreak of the war in Ukraine in 2022, India became the largest buyer of Russian seaborne oil, sold at a significant discount. The purchases have drawn sharp criticism from Western countries, which have imposed sanctions on Russia's energy sector, pointing out that oil revenues are being used to finance Moscow's war effort," Reuters notes. - "Amid Reliance's rejection of Russian crude, imports from Russia to India are expected to fall further in January, with China remaining Moscow's only key market."

At the same time, Reuters sources said Indian authorities had asked refiners to disclose weekly data on Russian and U.S. oil purchases. They said New Delhi expects Russian crude imports to fall below the 1 million bpd mark as the country seeks to move forward in talks on a trade agreement with the United States.

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